Robert Tabb, the CFO at Orion Group Holdings, has resigned to take a position with an unnamed private company. The company is conducting a formal CFO search. In the interim, senior management and the finance department will share his duties.
Orion is a specialty construction company involved in marine construction management including dredging and turnkey concrete construction services. The company is based in SE Houston near Ellington Field and has a market capitalization of $157 million.
Mr. Tabb joined the company in 2014 and became the interim CFO in November 2018. The company removed the interim tag the following March.
At the time he was appointed, the company was in a big hole. In 2018, the company wrote off $69 million in goodwill impairment and a further $23 million in cost overruns on two marine projects. The company had $80 million of debt.
Fast forward to the present time and the company debt was down to $6 million at the end of June. This is the result of increased revenues, especially from Gulf Coast port projects, improved discipline on contract bidding and sale of surplus assets. The company completed a sale-and-leaseback transaction in 2019 that raised $18 million.
Last week, Scott Kornblau was appointed the CFO at Great Lakes Dredge & Dock, another Houston company in a similar business to Orion.